When asked whether Onramp would need SEC approval to start the redemptions and if so why the regulator would approve the plan, Tanguma responded: “It does not require formal approval because bitcoin is a commodity as per the CFTC, not a security. With that, Onramp does plan to work with securities lawyers to get opinion letters in place to reduce the 12-month lock-up period for redemptions, and will work with all regulators to make sure Onramp stays compliant in all jurisdictions where it offers its services.”
Related posts
-
Bitcoin ETFs Bleed $226M While Ethereum Funds Feast on $130M Windfall
U.S. spot bitcoin exchange-traded funds (ETFs) took a hit the day before Christmas Eve, while ethereum... -
Bitcoin Faces Short-Term Uncertainty as Exchange Inflows Surge and Tether Liquidity Drops
Bitcoin has recently experienced mixed market movements, with analysts closely monitoring on-chain data to understand the... -
Bitcoin Coinbase Premium Giving Potential Buy Signal, Quant Says
A quant has explained how the latest trend in the Bitcoin Coinbase Premium Index could imply...